By: Savannah Pokuaah Duah
Ghana’s Finance Minister, Dr. Ato Forson had said that the economic challenges inherited from the previous New Patriotic Party (NPP) administration were significant and required urgent attention.
He made this statement during the 2025 Mid-Year Budget review, where he outlined the dire circumstances facing the nation’s economy. He emphasized that, despite inheriting a troubled economic landscape, the current government is committed to implementing structural reforms aimed at resetting the Ghana’s financial health.
“In as much as the economy was in despair when the NDC came to power, we did not give excuses,” he asserted. “Instead, we rolled up our sleeves and began working on structural reforms to reset our country.”
Dr. Ato Forson highlighted the dire situation left behind by the NPP, including an IMF programme that had gone off track, a weak commitment control system, and a staggering debt burden. “We inherited an economic environment that was riddled with issues over 67 billion in arrears and contract commitments totaling about 194 billion Ghana cedis,” he stated. “These figures paint a picture of an economy in distress.”
He further elaborated on the challenges in various sectors, noting the energy sector’s annual financing shortfall exceeding 1.5 billion U.S. dollars and liabilities in the cocoa sector amounting to 32 billion Ghana cities. “The previous administration’s reckless spending and corruption have left us with steep debt repayment harms and depleted buffers,” Mr Ato Forson explained.
Despite these challenges,Ghana’s Finance Minister emphasized the government’s commitment to restoring good governance and policy credibility. “We chose the path of transformation,” he said. “At the very onset, we organized a national economic dialogue and a national education forum to redefine our national priorities.”
The Finance Minister’s remarks underscore a determination to address the economic crisis head-on while acknowledging the difficult circumstances inherited from the previous administration. “We are committed to resetting our economy for the benefit of all Ghanaians,” he concluded.
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